Simulation models programmed in Excel can be simulated using Simetar©. Simetar©, an acronym for Simulation & Econometrics to Analyze Risk is an Excel add-in. Simetar© requires little additional memory and operates efficiently with Windows 7, 8 and 10 computers running Excel 2013 or 2016. Instructions for installing Simetar© are provided in the next section. Simetar Only Works on the Downloaded Version of Office 365. Do Not Download Simetar if You Are Using the Web Version of Office 365.
Simetar© consists of both Menu Driven Functions and User Defined Functions that run in Excel. A common theme with Simetar©, is that all functions are dynamic; so if changes are made to the original data most all parameters, hypothesis tests, regression models, and risk ranking strategies are automatically updated. This feature of having Excel dynamically recalculate parameters offers significant efficiencies during the development, validation and verification steps for developing stochastic simulation models.
The more than 270 User Defined functions in Simetar© can be categorized into six groups: (1) simulating random variables, (2) statistical analyses and tests, (3) graphical analysis, (4) ranking risky alternatives, (5) data manipulation and analysis, (6) econometric modeling, and (7) forecasting. Simetar© can be used to perform all of the steps for developing, simulating, and applying a stochastic model, namely: estimate parameters for random variables, simulate stochastic variables, test the validity of the random variables, present the results graphically, and rank risky alternatives.